With the new entrants coming in, the number of web aggregators firms has increased from 9 to 13.
Online insurance marketing portals are making a beeline to set up business in India. Insurance Regulator and Development Authority of India (IRDAI) has issued a fresh list of web aggregators in which it has granted licenses to four new companies to carry out web aggregation business in India.
The regulator has granted license to Commet, PolicyX.com, Fingoole and OA in 2014. Web aggregators compile and provide information about insurance policies of various companies on their websites. With the new entrants coming in, the number of web aggregators firms has increased to 13 from 9.
Earlier in 2014, IRDA had come out with a gazette notification outlining the structure, duties, criteria and functions of web aggregators. The insurance regulator had mandated web aggregators to provide unbiased content and information of insurance products on different types of policies like whole life insurance, term plan, health insurance, endowment, annuity etc. Unlike earlier, these web aggregators cannot display any ratings, rankings, endorsements or bestseller insurance products on their websites. Also, these websites cannot display any advertisements on their portals.
So far, only one player eMudhra Consumer Services has exited web aggregation business.